…the law is a key pillar of President Tinubu’s Renewed Hope Agenda.
ABUJA, NIGERIA – The iNews Times| President Bola Ahmed Tinubu has officially signed the Nigerian Insurance Industry Reform Bill, 2025 into law, marking a transformative moment for the nation’s financial sector. The new legislation—now known as the Nigerian Insurance Industry Reform Act (NIIRA) 2025—aims to overhaul Nigeria’s insurance landscape and serve as a cornerstone in the administration’s pursuit of a $1 trillion economy.
The NIIRA 2025 repeals outdated laws, merging and modernizing them into a unified legal framework that introduces comprehensive regulation and supervision of all insurance and reinsurance activities across the country.
According to a statement issued on Tuesday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the law is a key pillar of President Tinubu’s Renewed Hope Agenda, focused on economic reform, financial stability, and inclusive growth.
Described as a game-changer, the Act sets the foundation for increased transparency, investor confidence, innovation, and competitiveness in the Nigerian insurance market. It includes major reforms such as:
Higher capital requirements for insurance companies to ensure financial stability;
Mandatory insurance coverage in specific sectors to enhance consumer protection;
Digitisation of insurance services for better accessibility and operational efficiency;
Strict penalties for delays in claims settlements;
Establishment of policyholder protection funds to secure consumers in cases of insurer insolvency.
Additionally, the Act expands Nigeria’s involvement in regional insurance platforms, including the ECOWAS Brown Card System, enhancing cross-border insurance coverage.
The National Insurance Commission (NAICOM) has been designated as the implementing authority, responsible for enforcing the law and driving sectoral reforms. It is expected to play a pivotal role in raising insurance penetration, attracting new investments, and creating jobs.
With the enactment of NIIRA 2025, Nigeria is strategically positioning itself as a continental insurance hub. The reform underscores the Tinubu administration’s broader push to modernise Nigeria’s financial infrastructure and foster inclusive, sustainable economic development.
